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money" begins right now. >>> it's all we've heard about since the election. >> fiscal cliff. >> fiscal cliff. >> fiscal cliff. >> fiscal cliff. >> but why doesn't the market care? let's find out right now. >>> live from the nasdaq market site in new york city's time square, i'm melissa lee. here are tonight's top three trades. solving the apple mystery. want to know what's behind apple's troubles this week? we here at "fast" have gotten to the bottom of the selloff. we'll tell you what it means. plus, freeport fizzles. the fine print on why the company's two big buys are raising big red flags. >>> and nat gas revolution, the government says exporting nat gas could be a game changer for america's economy, but at what cost? we'll take a deeper dive to find some answers. but first, our top story tonight. >>> everyone cares about the fiscal cliff, except, seemingly, the markets. just 25 days until the year end deadline and still no deal out of washington. still stocks quietly climb higher. the dow closing today at a one-month high. what gives? just an assumption that a deal -- >> it almost
-800-743-cnbc. maybe it just doesn't matter, maybe the stock market stays buoyant because the fiscal cliff buoyant because the fiscal cliff buoyant because the fiscal cliff buoyant because the fiscal cliff buoyant because the fiscal cliff buoyant because the fiscal cliff buoyant because the fiscal cliff is not that big of an issue. maybe that's why the averages once again refuse to drop dramatically, the dow falling 60 points. despite the obvious impasse i saw firsthand when i appeared on "meet the press" with david gregory this weekend, i know i've been interpreting the market's relative success through a difficult period. success is defined by no huge hammering like we had during the debt ceiling crisis as a sign that either perhaps people didn't understand what awaits them -- no no! or that there might be a deal on the horizon to avoid the fiscal cliff, the fact that the republicans put out an offer, like their old offer before the president won re-election, it does feel like the two sides are talking, but they appear to be talking past each other. the clock is really ticking in washing
to watch the fiscal cliff. trading action has resolvolved around this. ben, what is your fiscal cliff strategy? what do you want to do with your money in the economy does go off the fiscal cliff? >> yeah, we were worried about that back in september, october. so even though we like the equity markets going into 2013, we wanted to hedge ourselves a little bit, so we took money out of equities. didn't just put it into cash. we put it into three areas we think are still good long term. one is we talk about emerging market equities, but i like emerging market debt. these monetary authorities are done tightening. they fought the inflationary problem that they had successfully. they're in hoed. yield curves could shift down. we stress doing it in local currency. the other areas are u.s. high yield, which i still think is valuable. we do think spreads will contract and emerging market equities as well. >> jordan, what about you? how are you preparing for what could be an eventuality where we go over the cliff and we've got to deal with higher taxes and a slower economy? a lot of people expec
we are on the fiscal cliff. it's another day of fiscal cliff turns on wall street. >> yes, it is. welcome back. i'm bill griffeth. we're going to get to those wild statements out of washington in a minute. you can see when they happen when we show you today's chart. speaker boehner's comments pushed the market lower. then other comments brought them back a little bit. the dow is up just 45 points right now at 13,030. the nasdaq also trading higher today. last i checked, it was up 21 points. there it is at 3,013. that's about the high for the session. the s&p is up about seven points at 1416. >> a bit of a roller coaster ride today after fiscal cliff comments from both parties. >> eamon javers on capitol hill is following the drama, which changes moment by moment. >> absolutely, bill. it's been a bit of a roller coaster ride, as you say, on capitol hill with duelling press conferences today. follow along with me here on what each person said from each party and how that impacted the market, starting with speaker john boehner. here's what he had to say early in the day. >> despite
on vacation without the notion. the fiscal cliff glasgows from being half full to half empty that's where we want it, and once it's half empty, it's much more immune to disappointment. that's because those hoping for a deal will be gone. checked out, sold. replaced by three types of strongholders. get this. first like when the debt ceiling was raised. a move that countered for a huge chunk of the markets. these people believe that some kind of deal is inevitable. they think selling now is tantamount to giving up the bottom. the second set. they feel it won't have much of an impact on the economy. they believe we won't go into recession and the whole thing is over, done. mellow drama even. they think fearmongers. and this is their group of strong holders. a little time passes, they think, hey, should be better off going over the cliff. rich will pay more of their fair shares and higher taxes on dividends. government spending sliced where it should be and and the bloated defense budget. unnecessary social programs. me? i think we aren't where we need to be yet when the it comes to abandoning a
end of the day, down 63 points. more on the republicans' counterproposal on the fiscal cliff coming your way as we get under way with the second hour of the "closing bell" with maria bartiromo. i'll see you tomorrow. >>> hello, 4:00 on wall street. do you know where your money is? welcome back to "closing bell." i'm maria bartiromo on the floor of the new york stock exchange. happy monday to you. this market beginning the new month lower as the gop today puts out a counteroffer on the fiscal cliff. take a look at how we're finishing the day on the wall street. dow jones under water with decline about 60 point. 12,966. last trade on the index. nasdaq gave up some ground today, to the tune of eight points finishing at 3002 on the session. and the s&p 500 down 6.70 points at 1409. >>> december a historically good month for the markets. the s&p has risen 8 of the past 1 years in the final month of yeert. with fears of the looming fiscal cliff, can the trend continue? we're bringing in mike from yahoo! finance and cnbc and yahoo! have a business alliance to share and co-produce editorial
after discouraging words from washington on the state of the fiscal cliff. this time it was house speaker boehner speaking with reporters after meeting with treasury secretary tim geithner. eamon javers is in washington with the latest. eamon, the sentiment down here is these guys should stop talking and start crafting a deal. >> reporter: that's the sentiment here in the hallways of capitol hill as well, sue. i can tell you that. we are starting to get a little more clarity on what's going on here today. i just had the chance just a few moments ago to button-hole senator harry reid here in the hallway, asking him a very specific question. i said did treasury secretary tim geithner come up here with a new specific offer for republicans? is that what he laid down on the table for speaker john boehner today? reid told me -- no, there was no specific offer here today from geithner to the republican side. he said that the president of the united states made the democrats' over two weeks ago and there's been no new specific offer since then. i think that explains a little bit of why we
on wall street modestly higher today i did spite no sign of a deal on the fiscal cliff. take a look how we're settling out this thursday afternoon on wall street. the industrial average at 13,074. the s&p up just a fraction. will the markets get a boost from another cash infusion? ben pace says he's expecting the federal reserve to announce another round of stimulus at the meeting next week. is that what the markets really want right now? ben pace joins me along with chris heize and rick santelli. ben, let's talk fed policy. you think the fed announces qe-4 next week? >> i think it's the fact the twist operation is ending at the ends of the year, and they don't feel compelled to incrementally tighten that. that means it has to be replaced. that's the qe-4, the fact they'll continue to buy to continue to be just as easy as they've been since the september 16th qe- 3 announcement. >> so you think it's a continuation. what's the impact on the market, do you think? is it priced in? are we expecting that? what do you think? >> i think it's generally priced in. the thing that concerns me the mos
at the new york stock exchange. as we hurry toward the edges of the fiscal cliff, this market holding its breath. but holding up. >> yes, so far. technology one of the few bright spots with apple rebounding after that huge decline we saw yesterday. its worst day in four years. it's got everybody on wall street scratching their heads trying to figure out what the problem is with apple. at any rate, here's where we stands right now. sort of a meandering day for the markets. some economic data out this morning. the market responding to that. then a sideways move after that. the nasdaq benefitting from the rebound in technology yesterday. up 11.5 points on the thatnasda. the s&p is also trading higher. there it is. up 2.5 points on the s&p. >> meanwhile, bullish sentiment at an eight-month high right now. equity allocation is still at the lowest level of the year according to the american association of individual investors survey that was out this weekend. stock in a wait-and-see mode. totally understandable until these fiscal issues are resolved. >> but don't just sit on your hands. there i
the right thing about the fiscal cliff deal, boy, will these markets turn on a dime and i would like to be optimistic. neither taxes nor spending nor entitlements were solved today. in fact, president obama never even mentioned the word spending. the one thing we do know, your taxes are going up from an obama care tax attack. no matter what happens on the fiscal cliff. and is another bailout nation on the way? student loans up to $1 trillion, huge delinquency rates, default rates going sky high, no credit standards and sky high tuition. sound likes a real bad story to me. ceos have just wrapped up their meeting with president obama about the fiscal cliff and minutes ago john harwood landed a big fish. goldman sachs ceo lloyd blank finefein. >> the highlight of the meeting was the intensity from which the white house emphasized that marge al rates as a matter of math and politics have to go up somewhat, if not all the way to 31.6 had to go up and as p he said as a necessary ingredient of a deal, he would support such a rate. >> the president said we would pursue our own interests. i'm
the fiscal cliff grew a bit louder today with the president playing part of the anti-santa. going so far as to say he's keeping a list of congressmen. that sounds like an enemy's list to me. we're going to talk some more about that. >>> the president also saying if the republicans can't compromise, the holiday season might be an unhappy one. >> that's sort of like the lump of coal you get for christmas. that's a scrooge christmas. >> and the republicans they say that the democratic offer is not a serious one. check it out. >> let's not kid ourselves. >> so where do we go from here? and the business world itself is waiting to see if we drive off the cliff. they're taking action right away. deals are being done to sell companies. stocks, homes, dividends, almost anything to avoid a big tax wallop after the first of the year. you see, folks, as i've said for so long, taxes do matter. later on we're going to tell you exactly why. first up the president place santa claus. white house press secretary finds spending cuts deeply irresponsible. for all this and more joining us now is katie pavlic
the month of november pretty flat overall for stocks. here comes december and the fiscal cliff. that's the first hour of the "closing bell." have a good weekend. maria continues now with the second hour. i'll see you monday. >>> and it is 4:00 on wall street. do you know where your money is? hi, everybody. welcome back to "the closing bell." i'm maria bartiromo on the floor of the new york stock exchange. the market is closing just fractionally better on the session. it had been up about 30 points just a few minutes ago. it was wild swings and volatility because of a rebalancing of morgan stanley index. that had put a boost under virtually all the stocks in the s&p 500. as a result, we saw a pretty good move to the buy side, although there was a fair amount of hedging. dow jones industrial average closing just about where it opened at 13,023. we got another week in the books. another week without a deal to avoid going over the fiscal cliff. and there's just one more month left of trading this year. so what is in store for investors this december? let me bring in our guests. good to s
euro. i circumspect anything good will happen. >> fiscal cliff is important but we have decisions and the unemployment report and a lot of chinese data so watch out. >> i am going to keep buying gold on dips and keep selling yen on rallies. >> we will see you back here next week on friday on cnbc. >>> i'm jim cramer and welcome to my world. >> he's nuts. they're nuts. they know nothing! >> i always like to say there's a bull market somewhere. "mad money." you can't afford to miss it. i'm cramer. welcome to mad money. welcome to cramer. i'm just trying to save you money. my job is not just to entertain you but educate and teach. call me at 1-800-743-cnbc. dow gaining four points, nasdaq slipped .06%. we can talk all we want about what's going to happen next week in terms of earnings, stocks. and we will. but this time our game plan begins oddly and strangely on a sunday. sunday when the treasury secretary of the united states of america will be on "meet the press addressing the fiscal cliff situation. as a student of secretary geithner who has studied every move i believe he will r
of america will be on "meet the press addressing the fiscal cliff situation. as a student of secretary geithner who has studied every move i believe he will report we are going to avoid falling over the fiscal cliff and get deal. in part because the two sides aren't that far apart. they sound like they are but they may not be. both sides recognize that we will be in a recession very quickly, maybe even as soon as the second quarter. if they don't compromise. so listen to me. the tax hikes are so severe. [ audience boos ] >> the spending cuts, particularly the cuts to the military, are so draconian even some republicans who think a compromise is a total betrayal, they fear the economic consequences of cliff jumping. once a deal is reached. tax rates, tweaks and deductions, it could be game on in 2013. i don't regard this as kicking the can down the road. i believe this will be comprehensive enough to address everything from the roll back to the clinton year capital gains rates dividends. i think it's going to happen. to a plan to keep tax the same for 98% of americans and raise the debt
. that is huge considering where gdp is now. we can make the fiscal cliff issue go away if he says let's extend the tax cuts for everybody. it is going to be a patchwork. it is not a permanent deal. just do it and talk about it. >> despite the concerns about going over the cliff we should let you know that december is actually a winning month for stocks. stocks are up 2% on average in december since 1990 with utilities and industrials leading the gain. should you be betting with history or maybe this time is different? the data mattas. they have a 2.8% gain in the month of december. >> what happened last year? last year we were dealing with europe was the front part of this burner of policy. the esm was established. it looked like we were in a place where we could get systemic risk off the table. markets were facing heavy flows of deleveraging. i think the fiscal cliff we are spending a lot of time on and we will continue to see deleveraging of trades that have worked because of all of the tax implications. i don't think you can be sure this is the same santa claus rally that you want to blindl
despite the fears over the fiscal cliff? rick, let me kick this off with you. what kind of expectations are out there on this fiscal cliff story? we seem to feel that there's a deal in the air. why else do we see such optimism today? rick? >> oh, for me? i'm sorry. i'll tell you what, maria, i'm not sure what's going on in washington. i'm not sure who those republicans are. i'm not so sure on whether the fiscal conservatives in the party know something about some big reforms on medicare and medica medicare, social security is, any of the retirement or tax issues, but i'll tell you this. i think that all these stories aren't necessarily going lead us to the truth. i personally have a very size way i'm approaching this. the president is supposed to leave for a 21-day vacation in hawaii on december 17th. where he is on december 18th will tell me, and i think the markets will pay attention. i find it hard to believe, and i agree with bill and many, who are very not amused by the house taking their long weekend. i'm sure that the president would have no intentions of leaving until these issu
on the fiscal cliff is just being released. let's go to e-mailen j amon jav >> they say boehner is offering multi-step solution here, including what he's after is $800 billion in revenue through tax reform. that's obviously significantly less than the $1.6 trillion the president asked for his-n his initial offer last week. other details in this offer being reported by nbc. health savings of $600 billion. other mandatory savings of $300 billion. a revision to cpi of $200 billion. and further discretionary savings of $300 billion. guys, it looks like the horse trading is alive and well here in washington. now this offer being extended from the republicans. you can assume that the white house will not think this is enough tax revenue to go forward, but, of course, offers are being exchanged here so that's a sign negotiations are under way, guys. >> let's get into the details here. $600 billion in health savings. what does that mean for medicare? break it down in terms of where these savings come from. >> i wish i could. what we don't have here is a lot of detail hanging off this christmas tree
't they know about the fiscal cliff? >> they look to be down 10%. >> we'll watch it. as people know in this market, many times the stock price has been going up. we'll keep an eye on this. it may be throwing people. what does it say about copper overall and the price of the metal. >> i worry, by the way, watch energy 21. this is exxi. another company that bought old properties. one of the things that's happening that's driving this, okay, is that there's new technology. american technology that's able to access oil that the big guys have given up on whether it be exxon given up on energy 21 has or bp and it turns out that these fines may have been bigger so pxp takes advantage of the fact there's new technology. pxp is a deal maker but ready to trade because capital gains taxes are going up. could be a fiscal cliff. the gulf is hotter than it's ever been even a few years ago it was ice cold. >> big story in the journal about exploration in this country. production 15-year high. brand new chapter here. look at the bottom of your screen. citigroup is cutting 11,000 jobs. we want to ge
of a compromise on the fiscal cliff stalemate in washington. eamon javers standing by in a moment with information on a bipartisan letter from lawmakers that's. putting tax hikes and entitlement cuts firmly on the table. >> i'm bill griffeth. let's show you, and the charts tell the day's story, as it usually does. can you get when the president began speaking at business round table and we learned that at least 40 house republicans are breaking ranks to talk about anything, all possibilities as they said in an open letter. right now the dow is up 110, near the highs of the day. 13,062.59. the nasdaq is going the other direction. blame apple and overall technology having a tough day. down 13 points right now on the nasdaq at 2982. the s&p is holding with a gain of about five points. we'll have more on the markets in a moment. first, let's get to what's going on in washington. more republicans breaking ranks to join what we hope will be a bipartisan call for higher tax rates and entitlement cuts. eamon javers on capitol hill has the very latest details for us. eamon. >> reporter: hi, bill. that lett
the fiscal cliff that was a predominant conversation. as i look at it and combine it with fiscal cliff i am pessimistic. the only thing that keeps the economy moving is the effect of wide deficits, monetary policies. i am not feeling that good about it. >> we can string our own story together. we have to admit that in november consumer discretionary was the top performing s&p sector. how do you account for that divergence? people are now getting concerned about the consumer? >> we are getting worried about the consumer in china. we knew the industrial story in china was problematic and the consumer was the good news. now we are worried about the consumerer over here despite the fact that housing prices are improving and we are headed to the holiday. dan mentions tiffany. mcdonald's which really hung in there and done well not as well as yum but mcdonald's is faced with problems as far as same store sales and turnover. none of these consumer names, none of them are doing really well. >> to the yum story if we are going to say yum is having problems in china you have to think about the other
on the anticipation of the fiscal cliff, the ceo of a major insurance company on what the fiscal cliff means to his industry right now as the second hour of "the closing bell" gets under way with maria bartiromo. see you tomorrow. >>> and it is 4:00 on wall street. do you know where your money is? hi, everybody. welcome back to "the closing bell." i'm maria bartiromo on the floor of the new york stock exchange. this market not able to get anything going today as the fiscal cliff fears continue to hang over us. as you see, we turned negative right at 4:00. in fact, we're looking at a decline of about 13 points right her here. the nasdaq composite also under pressure to the tune of five. the s&p 500 down about two points on the session. i want to take a closer look at what moved the markets as we await any decisions out of washington. joining us right now, keith springer, abbigail doolittle, and our own bob posani. keith, let me get your take on the cliff here and on what's to happen in terms of the markets. do you expect the economy to go over the fiscal cliff? what kind of reaction might we see in
of kabuke theater. >> everyone got disgusted. nobody needs that image. >> the fiscal cliff will certainly be one of the main topics of discussion when president obama meets with some of the nation's governors today. actually i think they're meeting with vice president biden. then governors will be meeting with some of the congressional leadership, as well. but you guys are watching this, we know this is drama and theater. do you think a deal gets struck at the end of the day? >> i do. i have to say, i still think we'll get a last minute deal. i just cannot imagine that congress will allow to us go over the cliff. so i think the ramifications for the economy are too significant. i think we're watching whatever you want to call it, all of the politics playing out, but i still think in the end we'll get a last minute deal. >> i agree. and i think even though the sides are far apart, you have things on the table now. so you can say you're here at 800, 1.6, you kind of -- it gets you somewhere close. somebody will try to say 1.3 versus 1.1, but if you see publicly what they're stating and hope
on with the fiscal cliff. >> well, truthfully, you know, hopefully what makes me a little bit different on the street, i really try not to guess. what they're going to say, it's impossible. what i fall back to is what's the tactical outlook? we had a nice 5% move off of that low. our view is you've always retested that kind of intermediate term low. we're looking for a little pullback. ultima ultimately, don't fight the fed and don't fight the tape. when i talk to people, you kind of think about it. why isn't it follow the fed or follow the tape? because every cycle we think the fed is not going to do enough to produce and demand through mod tear accommodation. each cycle they find either lower level of rates or unique ways to do it. i'm just simply not fighting the fed. >> tony, you're at 1412 on the s&p right now. your target for 2012 is 1575. how in the world are we going to get there from here in four weeks? >> that might be a little bit tough at this point. i still think we're going to close above 1500. frankly, the 1650 for 2013 i think is conservative. it's also front end loaded. i'm a little
catching a lot of people by surprise. >> it's a fiscal cliff decline. this is the greatest capital gains generator of our lifetime. i would love to see what the gains are going to be next year. but i would be saying you need to sell it. we have no idea where the capital gains are going to go, we're going to go over the fiscal cliff, what do you have to lose, the rates are going to go up. i don't think it makes any difference two tim geithner says. >> it is so widely held by so many who want to play the stock market, let's say, beyond just the capital gains, whether it's in taxable account organization not and it also has the psychological impact that this is the one that i'm going to get out of because i'm afraid of what's coming in general? >> this is the stock, yes, it's cheap, now once it goes down, we have a million reasons, well, it's a nokia phone, well, it's china. ipad miniis available. this is a stock that's so widely owned. it reminds me of sirius satellite. every doctor, every dentist owns apple. they don't know the price per share, they just know it is the proxy for the marke
washington the benefit of the doubt so far today. we've had no real progress to speak of on the fiscal cliff. the president did speak publicly about it today. but we haven't exactly taken any step backwards either on wall street as far as the major averages go. we have had more special dividends declared, which we'll get to. first, get you caught up on the markets. kind of a meandering day. a few economic bits of data out today. other than that, not a lot going on as far as economic data go. we're all just waiting to see that white puff of smoke come out of washington and nothing yet so far. the dow virtually unchanged right now at 12,966. the nasdaq is down seven points right now. we'll talk with seema mody about that. and the s&p 500 index at this hour is down 1.80 in change at 1407. in today's "closing bell" exchange, we go over what is going on as we head toward the end of the year. seema mody is at the nasdaq today. jeff, what do you make of what's going on in washington? i'm most interested in the fact that the markets have lost the volatili volatility. we're not seeing the markets res
the state of kentucky. senator paul, welcome, as always. i want to ask you about the fiscal cliff, the state of play. there's revenues on the table. there's tax rate increases on the table. i don't know if there's spending on the table. what's your thinking prigt now? >> that it's a really, really bad idea to raise taxes. if you want your economy to grow, you should do the opposite. we have to cut taxes. that's how i'd fix the economy. leave more money in the private sector. the president is adamant about raising taxes and he's dead wrong. >> there are some people saying we need a deal to avoid a huge tax increase but year end that would throw us into recession. just a thought, would you compromise in terms of let's say a smaller tax rate increase -- let's say the top rate goes to 37% instead of 40%, maybe the threshold goads es to $500,000 $750,000 rather than $250,000? does that interest you? >> no. but what about means testing for entitlement. why don't we say the rich get less social security and they pay more for their medicare? it meets the president's animus that we must get more mone
the fiscal cliff come january and i want to be ready to climb back out with the right stock after it happens. you can't come from a given day like today, dow 107 points, hey, happy days are here again, right? this is a day where my equipment felt a little -- felt a little superfluous because we had all sorts of happy talk for a bunch of people in washington about how compromise was within reach. however, i think it's been increasingly apparent that we actually may not get a deal in time for the january deadline. something warren buffett pointed out. who am i to disagree. you don't need to change your philosophy just because we cliffed you. long term it might not matter. not all of you share his sanguine multi-year view of stocks. not one of you shares a bank account close to the size of the man that created billions of dollars of wealth. he can afford to take the long view. if we take the plunge over the two million jobs. makes everyone pay more in taxes. i don't really want to have this gear. the president said today he thought a deal could be done by christmas. the speaker of the house sai
a moment. we do want to begin with the markets and that looming fiscal cliff. the dow finishing november lower for the second consecutive month. the blue chips falling half a percent in november. and #% sinnasdaq and s&p did fi higher last month. six out of ten sectors managed to post a gain. consumer discretionary stocks up the most. utilities the biggest losers. and while individual trading sessions may have been choppy, it was another month of low volatility. the vix remained below 20 for the fourth consecutive month and that's the longest streak since february of 2007. a big part of the market story has obviously been a big topic dominating the sunday talk shows. tim geithner arguing republicans need make the next move in negotiations. >> republicans have said that they don't like those reforms or they would like to do more. and if that's true, then they should tell us what they would like as an alternative. build on those, tell us how. but we can't react to anything until we see the details of the proposal and we need it on the rates and revenue side as well as on the spending side.
are concerned about the china growth story for a while. actually, before we were talking about fiscal cliff, that was a predominant conversation. as i look at it and combine it with fiscal cliff i am pessimistic. about high end consumers on one side, global growth on the other. it doesn't seem that great when the only thing that keeps the economy moving is the effect of wide deficits, monetary policies. i look at the whole thing, i am not feeling that good about it. >> we can put the data points together and string our own story together. we have to admit that in november consumer discretionary was the top performing s&p sector. scott, how do you account for that die verge ens? people are now getting concerned about the consumer? >> we are getting worried about the consumer in china. we knew the industrial story in china was problematic and the consumer was the good news. now we are worried about the consumer over here despite the fact that housing prices are improving and we are headed to the holiday. dan mentions tiffany. nordstrom's had a little tough time and mcdonald's which really hun
and that there really i don't believe is any effect from the supposed anxiety about the fiscal cliff. i think people know there will be some type of resolution. we didn't know the details or when. but companies are still investing the way they would normally do and they're not stopping because of -- >> that doesn't make us quake a bit about the jobs report later this will week and what that does for investors' nerves? >> we know it will be worse than it would have been because of super storm sandy. so you didn't know how much it was to do with that and how much was the economy. so it will be a bit of a wash in terms of reading the tea leaves for the u.s. >> so the growth picture for the u.s., we sort of 1%, 2%, depending on what happens with the fiscal cliff. what do you think, 2.5%? >> yeah, i think we should be 2.5% to 3% by the end of next year. >> which might be a slightly better outturn. china seems to be back on track. is there anything in europe -- what's the tail risk at the moment? >> i think there's two things that could still go wrong in europe. one, there's always political risk. in ital
address the fiscal cliff. any plan to reduce the deficit should quote start small and then grow very substantially over time. so dudley basically agreeing with the take that sandy is a bigger event, and then you want to add on top of that dudley's concerns about the fiscal cliff coming our way. >> what does this mean for the retailers because right now we have the impact of sandy, because they're confined pretty much to november. we had this seasonally strong period for retail sales especially for the holiday season. but does that mean the kruk -- money is being spent instead on gypsum board and other materials that need to be bought for reconstruction? >> there is a big disconnect here, we had terrific consumer confidence numbers, so i think the nation itself should be stronger. the high income areas, remember, these were high income areas, a lot of times we're used to storms not hitting the high income. but i do think that we're going to see it pushed to 2013. this is not fukushima where they just decided they couldn't rebuild. this is major areas that once we get the materials are
on the fiscal cliff. did you watch that news conference yesterday? was it any different than the last one or the one in fr the la from the last two years? telling everyone again up to 250 you get the tax break? all the same stuff.the last two? telling everyone again up to 250 you get the tax break? all the same stuff.last two yea? telling everyone again up to 250 you get the tax break? all the same stuff. same tone, same people. >> did you see this, obama is flexible on highest tax rates. >> administration official. white house officials later signaled that. he didn't signal it in anything he said. >> i spoke to a couple who were at the meeting yesterday, some of the executives, who felt, and this is like the implied feeling that he was now more willing to deal on the highest rate. >> did you hear anything about spending cuts or entitlement reform? >> two conversations are taking place. one if the public trying to get them behind you. the other is whether you're actually saying to the people you're negotiating with. and when you saw the signal, it was like, okay, maybe they'll get to that
the fiscal cliff mess. the dow is down right now for the month. it's pretty close, though. the s&p and the nasdaq are on track for winning months. here's how we stand now. a bit of volatility. not as much as we've seen lately. i will point out there's a rebalancing of a major international index occurring on the close today, so we're going to get a bunch of volume, maybe more volatility. we'll watch that through the final hour. right now the dow is down 24 points at 12,997. we're back below 13,000 at this hour. the nasdaq, as we said, positive for the month, is down 8.5 points right now. still above 3,000 at 3,003 and change. the s&p 500 is down three points. a little selling here in the beginning of the last hour, now at 1412. as we head into the last month of the year and closer to that fiscal cliff, how should you be positioning yourself right now? let's find out in our "closing bell" exchange today. mark, are you trying to look past this or trying to play the volatility right now that we're experiencing these days? >> no, for our clients, when we're managing money for our cli
it comes to the fiscal cliff. but tim geithner just told cnbc that we're going to go over the cliff unless tax rates go up. at the same time, two dozen republican house members signed a bipartisan letter with democrats defecting from the boehner plan. in the meantime, a nice game for the day for the dow, but a stunning selloff for apple. do you know what? fiscal cliff or not, the s&p 500 is up 12% year to date. that is a handsome gain for investors, an optimistic year, believe it or not. and we already bailed out detroit's auto industry. but now, at least one motown politician is telling president obama he should bail out detroit bankrupt city government, too. this sure isn't the free market, and i asked why should a texas taxpayer bail out detroit? >>> breaking news from syria, and it is a blockbuster. the assad regime is walking and loading its chemical weapons, ready to use them on its own people. nbc's chief pentagon correspondent joins us now. jim, is this the red line president obama was warning about? >> well, not quite yet. u.s. officials tell us that the syrian military is poised
this morning begins in washington where fiscal cliff negotiations according to the "times" has "collapsed." at least for now. with less than a month until the deadline, who blinks first if anyone? >> goldman takes dell from a strength to a buy. is it time to look at the stock and maybe even other players in the beat up personal computer sector? >> manufacturing data out of china. not bad. 50.6. that's the highest in seven months. although shanghai again trades lower even europe's pmi improves a touch in november. first up, we're one month away from the fiscal cliff and so far the white house and congressional republicans are still in disagreement over how to reduce the deficit and avoid a raft of tax hikes and spending cuts. yesterday our own jim cramer and maria bartiromo were on "meet the press" and cramer had a message for fellow panelists and father of the anti-tax pledge, grover norquist. >> most ceos are republican. they're on board. they're not on board with you. they're not on board with you because they fear your view. they think you do not favor going -- you favor going over the
.30 is really more about general positive risk appetite on the back of optimism about the fiscal cliff. so that are probably be more of the driver. if we see more news suggesting that maybe something will be done by christmas, perhaps we can advance some more. the dollar still very much negative currency. >> what about the vote we're expecting out of germany with regards to greece, how important is this one? >> it's important, but fairly clear that it will pass. i don't think anybody has any incentive to block it. i think much more of a problem for greece is whether they'll manage that bond buy back. because it's not in the bank's interests at the moment. and there's a problem definitely in achieving the 30 billion required. >> it would certainly seem that it would help support the risk taking we've seen, but even though we're seeing the greek banks react negatively to the news and people wondering what it means if some of the private sector holdouts from the last time around, pension funds and the banks, have to take more losses. >> there isn't a lot of incentives for the greek banks to p
this before, haven't we? what do average americans want to see in a fiscal cliff solution. we've got the exclusive results of our exclusive cnbc all-america economic survey. >>> now to everybody's all-american, sue herera standing by at the nyse. >> you're sweet, ty. thanks. >>> we're a little bit on the downside. we really kind of retraced a little bit on the dow jones industrial average. previous to this we were solidly in the green in all three of the major market indices. the dow now down 14 1/2 points. nasdaq up eight. the s&p is down just a fraction. of course we are also watching apple on the back of yesterday's drop. the stock today is traded up $4.82. that's just under a percentage move to the plus side. it's rebounding, still at bear market territory, however. it has lost over $50 billion in market cap over the past few days alone. our bob pisani joins me here on the floor of the nyse. what are you hearing from traders? the market is drifting a little bit. the focus is on apple. there seems to be a little bit of enthusiasm that it can come back to the up side. >> we were up
of changes there. our road map this morning starts with the latest in the fiscal cliff negotiations. the white house promptly rebuffs the gop counterproposal which calls for $800 billion in new tax revenue but without tax rate increases for the wealthy. could this tax issue deadlock the talks? >>> bank of america ceo warns the cliff must get stalled or the economy could be stifled well into 2014. >>> even more dividends pushed into 2012. coach, american eagle moving up and oracle will play out three-quarters of dividends this year. >>> more strength in housing this morning. toll brothers earnings top expectations. we'll begin with the fiscal cliff. governors are set to meet today with the president and congressional leaders. governors are concerned about the impact of deficit reduction measures on their state budgebu. the latest gop offer would overhaul the tax code, raise $800 billion in new revenue but seek $600 billion in health savings, net savings add up to about $2.2 trillion over ten years. boehner called the white house's original offer la la land and it does appear that eve
, ross. i mean, you don't really know what is going to come out of the u.s. fiscal cliff, how damaging potentially that can be to u.s. confidence, u.s. activity. things seem to be holding up fairly well in china. but i think there is still going to be some concerns about the whole performance of the asian economy and whether that can actually pick up next year. and then, of course, in the eurozone itself, we seem to be mending the problems progressively and taking out the tail risks, which i think is good and that is the bottom line that investors should take going further forward, but at the same time, there are some elements that you can have. if you do a forecast, in a way you could come up with something like 1% quotes for next year, but at the same time, you have to be conscious that we've had such a battery of downside impact, downside negative news coming through really for all economists in the western world in the last few years. you have to be very cognizant of those. >> i think so. julian, we're going to leave because we have to get a break in and we've got to g to egypt as
the one we have now with the fiscal cliff? no, the time is to act now. unfortunately, this is not a problem that's going away by burying our heads in the sand. there are hard decisions to make, painful decisions. to suggest that we wait a year to make them means we are not serious about making those decisions at all. that will do it for us today on "closing bell." "fast money" begins right now. stay with cnbc. a lot more to come before tomorrow's big day on wall street. have a good night, everybody. >>> stocks stuff. >> the market has spent days agonizing over 1414 so we'll see how that holds up. >> politicians in gridlock. >> i have just started. that is a bad strategy for america. that's a bad strategy for your business. and it is not a game that i will play. >> apple shutting down. >> apple is falling and falling fast. now slipping back into bear market territory having its worst day in more than one year. >> will anything get moving before the end of the year? we find out right now. live from the nasdaq market site at new york city, time scare, it's melissa lee. g
the fiscal cliff. is there progress? is there no progress 123 are the democrats giving? have they given? the only thing given that i know is the tablet. that's what i want to spend a moment on while we bemoan is the farce that is washington. one of the worst aspects of this era where we have to hang on the word of every people who frankly aren't actually trying to make us any money, and if anything want to take it from us, is there are companies doing amazing things, soen in the interests of reminds us some companies are doing great things that can make you money, i want to celebrate the products of three terrific companies as well as their stocks, because after all this is "mad money," not mad tablets. first one of my favorses is the column that consequence taply amazes me, david pentagon, the "new york times" writer who opines brilliantly in a can't-miss column about tech products. i love this guy. today's product starts several enough, a segment of an npr-call-in seg meant that he was going to offered opinions, but to quote, all six callers had the same question -- which tablet shoul
this fiscal cliff stuff royally with your hard line positions and your ridiculous protestations that you can't compromise. here's why. we are close, very close right now within our grasps to becoming the leader of the world when it comes to technology, innovation, natural resources, and finance. you are the only thing standing in our way. you are our ball and you are our chain. like today dow rallies 40 points, s&p gained .33%, nasdaq .52%. whether it's the ceos of the honeywells or the smallest of the small. tonight's guest of lumber liquidators, they're mean-spirited debates, the pledge is not to raise taxes, it's costing this nation a once in a lifetime opportunity to reassert itself as the leader of the free world. and faster growing the repressive communist world to boot. you are in the ability to give us a deal, any deal is crushing our economy. allow me to explain. since i read @jimcramer on tw twitter people say i'm biased. i believe that the compromise that all the common sense people are looking for, some combination of spending cuts, higher taxes and pro-growth initiatives doesn't
one major stock clearing house was raising margin requirements. and then there's the fiscal cliff. analysts citing fears about a hike in capital gains tax in 2013. rick santelli has been talking about this, though, the things that were up in 2012, those are the things being sold now, whether that be gold or any number of assets that rose appreciably over the course of the last year. we'll be talking about the future of apple and the outlook for its stock a little later this morning with jonathan geller of the boy genius report. >> good old bump on the road on the way to a trillion dollar market cap. got to 600 pretty easily. and now it's back at 500. above 600 i guess. tough to get to a trillion dollar market cap. cisco got to 600 billion once, too. it's at 100 billion. apple still at 500. we talked about are they going to come out with the chartreuse slightly smaller mini ipad. and that's going to be the -- a lot of people waiting in line for that one. >> i do have to say, i'm in the market for a mini ipad. >> not for the max ipad? >> no, i want something smaller to carry around,
that fiscal cliff. they're worried about what the tax structure will look like next year. in all about $20 billion worth of special dividends have been announced in the fourth quarter alone. so is it smart to get in on some of those names that you see on your screen right now? or do these stocks actually hold their value? killer of killer capital is back with us. jeff, have you a very interesting take on this. most people would like to dive into it right now but that may not be what you should be doing. >> that's not the pure angle i'm taking. it is kind of a powerball fool's gold feel. people are rushing in because these companies are coming out with special dividends. watch that "x" date. the stock should drop the special amount of that dividend but i don't think the proper route. people dove in to hewlett-packard. will hurt people in the long run. is there what about the tax structure for the new year and these companies. increasing dividends by in some cases record amounts. >> this year we're seeing more an more people are putting allocation to a dividend stock. you have to be very car
this morning starts with what else? the fiscal cliff. the president heads to a pennsylvania toy factory pressing his case for a proposal that actually leaked last night seeking 1.6 trillion in tax hikes. republicans in morning balking and cliff fears prompt another company to issue a dividend and it's whole foods. >> owner of taco bell, kfc, have warned that sales hit the skids. the shares yesterday hit a fresh high. >>> facebook unlikes zynga. zynga shares are plummeting this morning on the news. >>> never an ego boost for the ceo when the stock falls on the news that he's keeping his job. that's exactly what's happening with groupon as the board keeps andrew mason. >>> the president heading to a pennsylvania factory this morning. republicans have given a thumbs down to the president's plan which includes a $1.6 trillion tax increase, 50 billion in infrastructure spending for next year and limited entitlements cuts. more companies issue special dividends. whole foods will pay $2 a share. kbw yesterday. what's more interesting to you, jim? the cliff discussion and madness or the notion
over the fiscal cliff if republicans don't give in on higher taxes for the wealthy. a little bit of trade data out of the uk. i didn't have a forecast for this. adjusted global goods trade deficit 9.5 billion. september unrevised. forecast here forecast at 8.65, so that is a wide deficit than forecast. adjusted 4.5 billion. sterling not reacting huge amount. european stocks today are firmer. up 0.4% for the ftse. xetra dax continues its strong momentum, we are trading at 52 week highs and up now about 27% for the year. bond markets which is where we stand with yields, spanish ten year yields slightly lower, but we were 5.2% beginning of the week was the handle. currency markets, not huge changes. euro-dollar just below 1.31, dollar-yen 82.44. euro trading, though, at a fresh day high it must be said. we have comments coming out of china on the smartphone segment. apple's rang in china smartphone market which will become the world's biggest this year down to number six in the third quarter. facing tougher competition from chinese brands. this is the research firm idc coming out wi
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